I already filed and I just received a K-1 from stock that I bought and sold. My K-1 has -2 in box 1 and on my 8949 in the gain/loss it shows 0. Do I need to amend?

[bodem-jack]

I had purchased EPD which is a LP and forgot about the K-1 coming.

[maglib]

@bodem-jack 

You do not need to amend a tax return for a minimal error. The IRS usually corrects minor mathematical, clerical, or missing form errors automatically and will notify you by mail. If the error affects your tax liability or income, you can file an amended return, but it is rarely necessary for nominal amounts.

[bodem-jack]

Thank you!!  I also got MPLX and on my 1099 it shows I have a postive 32 gain.  But on my K-1 it shows in box 1 (-28).  Would I need to amend that?

[maglib]

Same response if same trade.  I am perplexed though on 1099 vs K-1. Who is producing the K-1 that you would have a 1099 or do you just own stock in a trust and personally?  

[bodem-jack]

Its a different stock I owned and sold.  Essentially my 8949 is saying i had a $32 profit but my K1 is saying a $28 loss.

MPLX is the company producing K1.

[maglib]

Did you look at the 8949 and see what is different as clearly the entry or transfer didn't go in correct which would have me concerned if everything else transferred correctly.  Depending on your taxable income the difference is only $60 which sounds immaterial.  

[bodem-jack]

Yeah everything else seems to match correctly.  $60 and in favor of me paying more essentially i think.  If that is considered immaterial I wont worry about it.

[maglib]

a 30% tax on $60 is $18...  I would not be concerned.

[JamesG1]

If you do not amend, retain your paperwork and your workpapers should a tax authority have a question about the K-1 entry at a later time.

If your return has been transmitted and accepted by the IRS, you would have to amend your Federal 1040 tax return to report the entry.

If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted. 

If you used the CD/download product, sign back into your return and select Amend a filed return. 

See also this TurboTax Help.

@bodem-jack 

[bodem-jack]

It was accepted.  Maybe i should just add my K-1’s and amend.  It is free to amend right?  Just pay if there is any difference is tax owed 

[DavidD66]

Yes, you can amend your return at no additional cost.  Because you have K-1s and investment sales I recommend that you amend to include them, even though the amounts are small.  

[maglib]

@JamesG1  An update to my answer with actual regulations you can be assured of:

The IRS released final regulations RIN 1545-BN59 implementing the de minimis error safe harbor exceptions to the penalties for failure to file certain correct information returns (for example, 1099s) and to furnish certain correct payee statements (for example, W-2s) under Code sections 6721 and 6722.

The de minimis error safe harbor exceptions were added to code by the Protecting Americans from Tax Hikes Act of 2015, and provide that payers generally are not required to correct an error on an information return or payee statement if the amount of the error is not more than approximately $100 (or not more than $25 if the error is with respect to withholdings).